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CNBC 15
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Search Results 0 to 14 of about 15
CNBC
Dec 27, 2012 4:00am EST
to avoid the fiscal cliff as the government starts taking steps to buy more time before the u.s. hits the debt ceiling. the yen hits a two-year low against the dollar as the new japanese government battles to weaken currency. exports are rising, pushing the nikkei to its strongest gain in 20 years. .shares of toyota are heading higher after the u.s. settled a class action lawsuit. the $1 billion payment is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fiscal cliff talks make it difficult to forecast next year's budget. among the measures treasury will take including suspending state and local government securities and investments in the federal employee pe
CNBC
Dec 28, 2012 4:00am EST
thing the next government needs to do is actually nothing. if it does nothing, if it doesn't reverse the reforms -- >> what's interesting is what berlusconi is campaigning on is austerity. he's running on an ant anti-austerity pro eu package. while it's untenable, it does have a certain amount of certainly backtracking the fiscal returns for them. >> exactly. this property tax, i think that's a cause for concern. if you were to repeal that, the fiscal position on would be unsustainable and he would have to raise taxes elsewhere to make up for that. that would be some messy negotiations with him on a european level. markets would be very concerned already heading into the elections. the more noise we hear, the higher italian borrowing costs would be and if italian borrowing costs rise, one of the very important parameters which led to this drop in debt to gdp over these 15 years heading into the crisis would not be fulfilled any more and italy's position would be unsustainable because of all that noise. >> it sounds like a catalyst should this fall into place in 2013. that still remai
CNBC
Dec 26, 2012 6:00am EST
an actual all-time high again. anyway, among the catalysts, a new pro-business government preparing to assume leadership, incoming prime minister shinzo abe. what is it, 50,000 that it has to get to? >> 39,000 i believe is the peak. >> who's counting, right? that's a ways off. >> yeah. far away. >> shinzo abe has been putting pressure on the bank of japan to raise its inflation target in hopes of extricating the country from two decades of deflation. i guess if you just raised the target -- >> that would help. >> okay. >> it doesn't matter what your target is if you can't hit it. >> we found that out here. >>> meantime, in europe markets are closed for the boxing day holiday. seems weird to do it just for a bunch of people to -- >> box up the gifts and return them. >> it's not a -- >> bad, i know. >> it is boxing. what kind of boxing are we -- boxer rebellion? >> i've never understood boxing day. >> we have to look it up. >> i literally have no idea. >> or it's on google. no, is there anything on google that is different? let me see. just a regular -- >> is there their our way to fi
CNBC
Dec 31, 2012 6:00am EST
this is a broader issue about western democracy. unless the markets do put governments under pressure, it's not easy to come up with such tough positions and i suspect that is going to be the case. it will be a recurring theme through the year, i suspect. >> and that's what i was going to suggest, this idea that we're going to come up with cliff after cliff after cliff, that maybe we're into a whole year of cliff diving, your expectation, let's say we get through the cliff with a baby deal. we've had still a number of economists come on this set and talk about how we could still be -- maybe not in a recession, but continue to see a slowdown. >> well, the other way i've been trying to think about the past 24 hours, you look at the private sector, there are two sources of great encouragement for the u.s. economy, it seems to me. one is the domestic housing story. and the second is, of course, the remarkable thing going on with energy based around shale, gas and oil. if these two sources of strength persist, you know, is the disappointment about the cliff enough to negate those two things? i suspect th
CNBC
Dec 28, 2012 1:00pm EST
access to government financed health care at all. if the republicans tomorrow said to you, you know what, you can have all the tax increases you want. we'll raise taxes on people who make $250,000 or more would you then be willing to do serious entitlement reform? >> let me just say that in fact we do means test millionaires right now. there is a serious means testing. >> not by much. a millionaire who gets medicare is nothing. it costs them nothing relative to their net worth, nothing. >> you know what, if the republicans would move, and they haven't yet, you just heard it, no willingness on the part of the republicans to do anything. >> if they did, you would do what? >> we already put $600 billion on the table to get savings out of medicare/medicaid. those are entitlements. >> that's pure cuts to spending that you claim are going to come from waste, fraud, abuse, etc. or just from cutting certain programs. you've got to decrease demand in some parts of medicare and a great way to do it is for people who have the money to spend their own money instead of spending young people's money a
CNBC
Dec 27, 2012 9:00am EST
geithner says the government will hit the debt ceiling on monday and he is launching an emergency plan to avert a crisis. amm eamon javers is live. what do we know? >> the president is coming back early, a couple days earlier than his vacation. did a little bit of jogging, working out in the gym over his vacation. now he will be,ing would out on this fiscal cliff. the senate is coming back and the house of representatives is going to have a conference call for all republicans later on today and then yesterday, we saw the secretary of the treasury, tim geithner, announced the $16.4 trillion debt limit is going to be reached by monday, that was a little bit surprising to people who haven't been following this kind of thing and raises the stakes for the fiscal cliff end game because the white house had wanted a debt ceiling deal as part of the overall deal here on the fiscal cliff. republicans have been resisting that by announcing the debt ceiling limit will be held on monday, ratchets up the pressure to include the debt ceiling piece in the final package, whatever that may be, but still
CNBC
Dec 27, 2012 6:00am EST
fiscal cliff deal. meantime, treasury warns the government will hit its legal borrowing limit by monday. it's thursday, december 27th, 2012 and "squawk box" begins right now. >>> good morning and welcome to "squawk box" here on cnbc. i'm andrew ross sorkin along with joe kernen. becky continues to have the day off today. our guest host today is bob broska. house speaker john boehner urging the senate to come up with a passable fiscal cliff solution. he's promising to at least consider any bill that the upper chamber produces. senate majority leader harry reid now expected to base any legislation on a bill passed earlier this year to continue tax breaks for households will incomes below $250,000. a senate bill would likely contain an extension of expiring unemployment benefits. and the other big news of the morning, treasury secretary tim geithner unveiling a plan to buy time under the debt ceiling. in a letter to congress, geithner saying that treasury is going to begin taking steps this week to delay hitting the government's 16$16.4 trillion borrowing limit. treasury will tak
CNBC
Dec 28, 2012 6:00am EST
value, at the turn of the 20th century where government spending was 9% of gdp, we're now at 25%. there are some that say, take what we give you and retrofit government to the size of 19% or 20%. do that first. he just wants to shrink what it's grown to, this unwielding federal government that -- don't you think 25% needs to come down? >> well, part of that is cyclical. >> okay. so at 3%? >> 21, 22. >> i would say 22. >> so we have to get it down to 20.5. >> the three big beasts in the budget remain medicare/medicaid, social security and defense. you have to cut almost everything else to zero to get close to balance or to make a big difference. so i think in today's world, given that those entitlements, even if you reform them and cut back back will increase as people like us eventually retire. it seems to me that sizing the government for something around 22 or so is probably doable. but not easy to get to. because you still have to have major cuts and major long titlement reform to get there. >> you see one of the major ceo guys, and i'm not going to quote which one, said yest
CNBC
Dec 31, 2012 1:00pm EST
with the sequester of last week and spread those cuts across the board to other facets of government as well. not just military and medicare. we really have to wait and see. pressure is on the senate to come up with a product, to take it to the floor, to sell it it to its members where the senate would be comfortable passing something and we really haven't seen anything publicly where the senate might be at. so this is a frustrating for a lot of folks across the country and of course for members here in washington. because we're even kind of away from all of the negotiating and seeing what the senate is even talking about. >> what are you hearing from constituents today? we can see from the stock market's reaction when they thought there was a deal that might be announced at 1:30 when the president makes his remarks, which we will see here on power lunch, we add huge spike in the dow jones industrial average. now that things are cooling off, the mark set giving back a lot of that. so wall street wants a deal. what are your constituents telling you? >> my constituents are concerned about the
CNBC
Dec 26, 2012 3:00pm EST
cliff, so note to the government. it does matter. >> yeah, but that's, as you say, part of it. laura, what else is going on? it just felt like we were going into a lackluster season here. what happened? >> i mean, there's been some discussion about weather trends as well, but whether or not we go over the fiscal cliff, consumers think next year we'll see higher taxes and lower entitlements. the only place in our space where we see a very significant fiscal cliff hit is aspirational customer, so the step-up customer into low-end tiffany's jewelry, for example, we just don't think they showed up this year. >> even if people, stacy, are going to be hit by higher taxes next year, at least some people are going to be hit by higher taxes next year, a lot of this is psychological, isn't it. you turn on the tv and you're feeling spooked, right? and once we have a deal or resolution, uncertainty taken away, will people unleash their spending? will this be unlocked? >> i think at the high end, yes, there will be some relief, and, you know, to laura's point, we were in tiffany over the weekend,
CNBC
Dec 31, 2012 9:00am EST
years, up 56%. iron ore prices. that's a real lead on demand. and especially as the chinese government makes all these nods toward urbanization plans and the need to update and invest in infrastructure. these are the areas where you want to be. >> yeah. also ties into what clearly will be one of the bigger stories of next year. and that is central banking wars. japan is right next door, dan. >> this is a story that is getting not as much play as it should. but the dispute going on between china and japan is quite stark right now. and i see on the interweb that is a chinese think tank has come out and said conflict between japan and china is inevitable in 2013 and 2014. this is a real debate. simultaneously lost in the debate over the election of abe and his push for abe-nomics is the fact that this is a very nationalistic individual. his first term in '06 was characterized by a lot of nationalistic policies. we'll see how that plays out with respect to the ongoing debate. >> we have to take a break here. the markets are looking for some direction after fiscal cliff negotiations stall.
CNBC
Dec 27, 2012 3:00pm EST
has, they won't have anymore, and they won't have the government assistance programs to rely on. may not have the same effect we saw in the last recession. >> the ultimate consumer discretionary stocks, it occurs to me, dana, would be the luxury retailers like a tiffany which have suffered here recently. they in the past have been immune to a lot of vagaries of the consumer and the economy, but that hasn't been the case this time around. what happened? >> i think tiffany's a little bit different than some of the other luxury goods company. tiffany overall is working on its product, silver business which is a high margin category. didn't have enough novelty and newness in it and hopefully that's something they can fix for next year. >> wasn't just me then? >> not just you. >> exactly. >> i noticed that, yeah. >> dana on that point, the companies for stocks like tiffany's, what about aptitude in places like china in. >> overall when we see what's happening in china, so many new brands emerged in china, new companies on the luxury good fronts, and you've had the big conglomerates vogue
CNBC
Dec 27, 2012 7:00pm EST
them and the government knew where they were because they were all registered were required to hand them in even the target shooting olympic team was not allowed to keep guns in the country and they had to practice and keep their guns abroad, but nonetheless, within the decade of guns being withdrawn from these people gun crime with handguns actually doubled and guns are really are awash on the streets and there's a fair amount of street crime using handguns which there hadn't been much of before, and it's beyond which was something that traditionally they never were. so it hasn't worked and what it has done and it's taken the guns away from the law-abiding people that might have used them to protect themselves or to do something else with legitimately. >> what do you say to people who look at united states and say, wow! random mass murderers -- i heard it today. random mass murders in the united states where some whacko killed a bunch of people he doesn't know seems to happen every six months in the united states and it doesn't happen as often in other places. are they wrong about
CNBC
Dec 28, 2012 12:00pm EST
the government on hiatus in terms of spending money but we've always gotten through it. to me that is not the seminole issue. if that is i'm happy to be on the other side of the trade. >> i wasn't saying it is an actual issue. i said it was surprised at the degree to which corporate leaders are saying that that is a big deal. in other words to me to -- >> that pales in every interview i've heard, on cnbc, that paels in comparison. it is an after thought relative to getting the budget situation and tax situation set. that has only come on as an issue recently. you talk about pent up demand for the market over the last month. pent up demand has been in corporations spending their 2 trillion in cash over the last year in advance of settling this situation not the debt ceiling. >> let me also say mike before we let you go just to revisit the to revisit the trade you brought last week which was a winner tan that was long tlt, going long treasuries, that still work for you? >> well it still works i think as long as the process gets dragged out. what the bond market is not going to d
CNBC
Dec 28, 2012 7:00pm EST
russia's accession to the world trade organization. the amendment which had govern the a lot of u.s.-russian/soviet relations going back to the 1970s had to be replaced. it was replaced in congress by the act which set russia's worst human viets violators there should be consequences when it comes to getting visas. vladimir mute indecided to lash out to the united states by pointing a figurative rifle at the head of russia's orphans. >> we improve russia's trade relation with us, officially and then he gets upset because buried within there is a little clause that says, as you point out, the worst human rights violators should have trouble getting into the united states. how far should we go, throw, right? i brought this up last night and i'll bring it up again with you. in the united states we believe that people all over the world have certain rights regardless of geography, regardless of ethnicity, regardless of religion. they are inalienable and it is unfathomable to us that there are parts of the world where they don't believe that. it's amazing, but true. how far do we go in
Search Results 0 to 14 of about 15